Nomura has cut its price target for Ultratech Cements to Rs3198 from 3427, while maintaining its buy rating for the stock citing slower-than-expected recovery in demand.
"We cut our Ultratech volume and realisation growth estimates over FY16F-FY18F as recovery in demand has been slower than earlier expected," said Nomura analysts Vineet Verma and Saion Mukherjee in a client note.Ultratech shares were down 2.3% at Rs2621.80...demand has weakened instead of improving, which has also weighed on cement prices. The impact of this will also be visible in Ultratech's 3Q/4Q results," they said.
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